Otter Tail Corporation (OTTR) Financial Statements (2024 and earlier)

Company Profile

Business Address 215 S CASCADE ST
FERGUS FALLS, MN 56538-0496
State of Incorp. MN
Fiscal Year End December 31
Industry (SIC) 4911 - Electric Services (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in thousands)
Annual | Quarterly

3/31/2024
MRQ
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments230,373118,9961,5371,16321,199861
Cash and cash equivalents230,373118,9961,5371,16321,199861
Receivables159,665146,041176,789117,174109,118114,165
Inventory, net of allowances, customer advances and progress billings149,701145,952148,49092,16597,851106,270
Inventory149,701145,952148,49092,16597,851106,270
Regulatory asset16,12724,99927,34221,90021,65017,225
Other current assets16,82618,41217,0325,6455,0426,114
Other undisclosed current assets(2,522)(1,648)(1,836)(3,215) (3,215)
Total current assets:570,170452,752369,354234,832254,860241,420
Noncurrent Assets
Operating lease, right-of-use asset     21,851✕
Property, plant and equipment2,418,3752,212,7172,124,6052,049,2731,753,7941,581,098
Long-term investments and receivables62,51654,84556,69051,8569,89488,383
Due from related parties✕✕    79,422
Long-term investments62,51654,84556,69051,8569,8948,961
Intangible assets, net (including goodwill)44,41545,51546,61647,71648,86250,022
Goodwill37,57237,57237,57237,57237,57237,572
Intangible assets, net (excluding goodwill)6,8437,9439,04410,14411,29012,450
Regulated entity, other noncurrent assets95,71594,655125,508168,395144,138135,257
Other noncurrent assets51,37741,17732,05726,28240,19635,759
Other undisclosed noncurrent assets      (79,422)
Total noncurrent assets:2,672,3982,448,9092,385,4762,343,5222,018,7351,811,097
TOTAL ASSETS:3,242,5682,901,6612,754,8302,578,3542,273,5952,052,517
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities159,152156,067186,038176,544161,030138,435
Taxes payable✕✕✕19,24518,83117,52517,287
Employee-related liabilities✕✕✕31,70426,90822,73024,857
Accounts payable94,428104,400135,089130,805120,77596,291
Accrued liabilities64,72451,667    
Debt 81,4228,204121,146221,08410,31918,771
Regulatory liability25,40817,30024,84416,6637,480738
Other liabilities43,77556,06555,67122,49510,91212,149
Due to related parties✕✕    60,633
Other undisclosed current liabilities      (60,633)
Total current liabilities:309,757237,636387,699436,786189,741170,093
Noncurrent Liabilities
Long-term debt and lease obligation     707,774590,002
Long-term debt, excluding current maturities     689,581590,002
Liabilities, other than long-term debt665,746622,887642,340646,170591,713561,664
Accumulated deferred investment tax credit15,17215,91616,66117,40518,62619,974
Deferred tax liabilities, net✕✕✕✕✕✕120,976
Deferred income tax liabilities237,273221,302188,268153,376131,941✕
Liability, pension and other postretirement and postemployment benefits60,77780,187140,454181,414170,407169,919
Regulatory liability276,547244,497234,430233,973239,906226,469
Other liabilities75,97760,98562,52760,00230,83324,326
Operating lease, liability     18,193✕
Total noncurrent liabilities:665,746622,887642,340646,1701,299,4871,151,666
Total liabilities:975,503860,5231,030,0391,082,9561,489,2281,321,759
Equity
Equity, attributable to parent1,443,0061,217,317990,777870,966781,482728,863
Common stock208,553208,156207,758207,349200,788198,324
Additional paid in capital426,963423,034419,760414,246364,790344,250
Accumulated other comprehensive income (loss)1,148915(6,524)(8,507)(6,437)(4,144)
Retained earnings806,342585,212369,783257,878222,341190,433
Total equity:1,443,0061,217,317990,777870,966781,482728,863
Other undisclosed liabilities and equity824,059823,821734,014624,4322,8851,895
TOTAL LIABILITIES AND EQUITY:3,242,5682,901,6612,754,8302,578,3542,273,5952,052,517

Income Statement (P&L) ($ in thousands)
Annual | Quarterly

3/31/2024
TTM
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
Revenues1,353,4761,469,4751,196,844890,107919,503916,447
Cost of revenue(898,584)(1,000,052)(879,704)(685,454)(732,215)(727,528)
Cost of goods and services sold(454,122)(542,944)(488,370)   
Gross profit:454,892469,423317,140204,653187,288188,919
Operating expenses(72,663)(69,718)(67,432)(56,767)(52,408)(59,530)
Other undisclosed operating loss(4,310)(9,266)    
Operating income:377,919390,439249,708147,886134,880129,389
Nonoperating income (expense)23,2473,1128842,618819(2,048)
Net periodic defined benefits expense (reversal of expense), excluding service cost component10,5971,075(2,016)(3,437)(4,293)(5,509)
Other nonoperating income12,6502,0372,9006,0555,1123,461
Interest and debt expense(37,677)(36,016)(37,771)(34,447)(31,411)(30,408)
Income from continuing operations before income taxes:363,489357,535212,821116,057104,28896,933
Income tax expense(69,298)(73,351)(36,052)(20,206)(17,441)(14,588)
Income from continuing operations:294,191284,184176,76995,85186,84782,345
Income before gain (loss) on sale of properties:✕✕✕176,76995,85186,84782,345
Net income available to common stockholders, diluted:294,191284,184176,76995,85186,84782,345

Comprehensive Income ($ in thousands)
Annual | Quarterly

3/31/2024
TTM
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
Net income:294,191284,184176,76995,85186,84782,345
Other comprehensive income (loss) (2,769)(766)(2,225)(1,509)1,487
Other undisclosed comprehensive loss      
Comprehensive income:294,191281,415176,00393,62685,33883,832
Other undisclosed comprehensive income, net of tax, attributable to parent23310,2082,749155  
Comprehensive income, net of tax, attributable to parent:294,424291,623178,75293,78185,33883,832

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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